California Home Prices up 19%! : MY BLOG MY BLOG

California Home Prices up 19%!

by Christian Cervantes on 11/22/12

California home prices rise 19 percent in October 2012

(Associated Press) — California home prices posted an eighth straight annual increase in October, a research firm said Wednesday, the latest evidence that the state's housing market recovery is picking up steam amid tight inventories.

The median price for new and existing houses and condominiums reached $285,000, up 18.8 percent from $240,000 in October 2011 and hovering near a four-year high of $287,000 in September, DataQuick said

Foreclosed properties made up a smaller part of the sales mix, lifting the median price because they tend to sell at steep discounts. DataQuick said homes that were foreclosed upon in the previous year accounted for 17.4 percent of existing home sales last month, down from 34 percent a year earlier and down from 58.5 percent in February 2009.

There were 39,254 homes sold in the state last month, up 15.2 percent from 34,087 sales the same period last year, DataQuick said.

Gains were felt across the state but some of the sharpest sales increases were in more expensive, coastal regions. Orange County, with a median sales price of $455,000, saw sales jump 41 percent from last year. San Francisco, with a median price of $794,500, posted a 27 percent sales increase.

In the nine-county San Francisco Bay area, the median price was $416,000, up 18.9 percent from $350,000 last year. There were 7,795 homes sold, up 13.8 percent from 6,850 last year.

Mirroring trends in Southern California, the Bay area showed its strongest growth in mid- to high-priced homes. Bay area sales below $300,000 fell 15.2 percent from last year while transactions between $400,000 and $800,000 jumped 25.7 percent and sales above $800,000 soared 47.1 percent.

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